DJO announces third-quarter 2018 financial results

DJO Global Inc. announced financial results for the third quarter of 2018, which ended Sept. 29, for its public subsidiary, DJO Finance LLC.

According to a company press release, net sales in the third quarter increased 2.8% to $299 million, or $294.1 million as reported with the adoption of the Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606), compared with $290.9 million in the prior year period. The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 8.1% to $72.2 million during the previous year quarter. The operating income was $19.9 million vs. $21.8 million in the previous year period.

“Our growth initiatives are working,” Brady Shirley, president and CEO of DJO, said in the release. “We’re seeing revenue growth return in key segments and ongoing margin expansion, evidence that our efforts are driving results, and we continue to anticipate a stronger trajectory for the remainder of our fiscal year.”

The net sales for the 9 months that ended Sept. 29 increased 3.2% to $901.9 million, or $891.5 million after the adoption of ASC 606. Sales increased 3.4% on a constant currency basis. On a constant currency basis, net sales for the first 9 months of 2018 increased 1.9% more than the first 9 months of 2017. Net sales for DJO’s surgical implant segment increased 14.6% to $53.4 million in the third quarter. The surgical implant segment increased to $160.9 million, 10.1% more than the previous year period, for the 9 months ending Sept. 29.

DJO Finance LLC had a net loss of $29.5 million compared with a net loss of $22.7 million in the previous year period.

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